XOM closed above 50 day SMA which should act as a resistance ceiling, and key level of support if upside momentum wins out. Earnings to release on Friday 7/29, which is also options expiration so lots of volatility expected. 200 D SMA at $78+ should ceiling resistance prove too strong, look to increase position <$84
XOM is trending between the 50 and 200 day MA, but the recent declines look to be trending favorably when looking at the MACD. Negative MACD is trending toward zero indicating the beginning of a reversal back to positive momentum.
Upward resistance at $90 and lower support at $75 which is increasing daily.
XOM priced at $65 Brent when physical market is tight,...
